Financial Data and Key Metrics Changes - For Q2 2023, the company recorded net income of $11.6 million, translating to $0.27 basic and diluted earnings per share [25][38] - The time charter equivalent rate achieved was $15,556 per day, approximately $2,500 above the scrubber adjusted benchmark [3] - The company declared a dividend of $0.15 per share for the quarter, utilizing a portion of its quarterly reserve [4][38] Business Line Data and Key Metrics Changes - The Baltic Capesize Index crossed $20,000 per day in early May but has since pulled back, with current spot Capesize rates around $15,000 per day [26][40] - Supramax rates have declined from approximately $13,000 per day at the start of Q2 to about $8,000 [26] Market Data and Key Metrics Changes - Cargo volumes into China, particularly iron ore and coal, increased by 8% and 93% respectively through June [8] - China's Q1 GDP growth was unexpectedly strong, leading to a premature easing of policy support, but lending declined by about 50% in Q2 [27] Company Strategy and Development Direction - The company continues to focus on a value strategy, providing substantial dividends while proactively paying down debt, aiming to reduce net debt to zero [5][39] - The company has maintained a low cash flow breakeven rate and low financial leverage, which supports its dividend policy [39] Management's Comments on Operating Environment and Future Outlook - Management expressed a constructive outlook on the drybulk market, citing strong demand catalysts and historically low supply growth [28][40] - There is an expectation of a seasonal increase in iron ore volumes from Brazil and Australia, which may help China restock depleted inventories [43] Other Important Information - As of June 30, the company's cash position was $54 million, with outstanding debt of $153.5 million and total liquidity of $261 million [7] - The company was ranked 1 in the Weber Research ESG report for the third consecutive year, highlighting its leadership in sustainability and capital stewardship [6] Q&A Session Summary Question: Outlook on the dividend policy and potential adjustments - Management indicated that while the dividend is important, they are cautious about setting a floor for payouts, especially with over 50% of their fleet fixed [31][47] Question: Management's view on fleet management and market conditions - Management noted a shift in the market regarding forward cargo bookings and expects this to be a short-term phenomenon, with a focus on fleet renewal and improving fuel efficiency [32][48] Question: Triggers for the midsize segment to push higher - Management highlighted that a slight increase in demand could drive the midsize segment higher, but emphasized the need for global GDP growth to support this [11][45]

Genco Shipping & Trading Ltd (NYSE:GNK) Q1 2023 Earnings Conference Call May 4, 2023 8:30 AM ET Company Participants Peter Allen - SVP, Strategy & Finance John Wobensmith - CEO, President, Secretary & Director Apostolos Zafolias - CFO & EVP, Finance Conference Call Participants Omar Nokta - Jefferies Liam Burke - B. Riley Securities Operator Good morning, ladies and gentlemen, and welcome to the Genco Shipping & Trading Limited First Quarter 2023 Earnings Conference Call and Presentation. Before we begin, ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ⌧ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-33393 GENCO SHIPPING & TRADING LIMITED (Exact name of registrant as specified in its charter) Republic of the Marshall Is ...

Genco Shipping & Trading Limited (NYSE:GNK) Q4 2022 Results Conference Call February 23, 2023 8:30 AM ET Company Participants John Wobensmith - Chief Executive Officer Apostolos Zafolias - Chief Financial Officer Peter Allen - SVP of Strategy Conference Call Participants Omar Nokta - Jefferies Greg Lewis - BTIG Liam Burke - B. Riley Operator Good morning, ladies and gentlemen. And welcome to the Genco Shipping & Trading Limited Fourth Quarter 2022 Earnings Conference Call and Presentation. Before we begin, ...

Environmental Regulations - As of January 1, 2015, ships operating within Emission Control Areas (ECAs) are not permitted to use fuel with sulfur content exceeding 0.1% m/m[66] - The International Maritime Organization (IMO) has designated four ECAs, including portions of the Baltic Sea, North Sea, North American area, and United States Caribbean area[66] - The new ECA in the Mediterranean, effective May 1, 2025, may lead to significant capital expenditures for compliance with stricter emission controls[66] - Tier III Nitrogen Oxide (NOx) standards apply to ships with marine diesel engines installed after January 1, 2016, in designated ECAs[69] - By 2025, all new ships built will be 30% more energy efficient than those built in 2014, as mandated by the Energy Efficiency Design Index (EEDI)[71] - The Energy Efficiency Existing Ship Index (EEXI) and operational carbon intensity indicator (CII) requirements will come into effect from January 1, 2023, for ships over 400 gross tonnage[72] - Compliance with the revised standards may incur substantial costs, impacting the company's financial condition and cash flows[73] - The Ballast Water Management Convention requires compliance with the D-2 standard by September 8, 2024, which may involve significant installation costs for treatment systems[86] - The company plans to continue investing in its existing fleet to improve fuel efficiency and comply with revised standards through its comprehensive IMO 2023 plan[74] - New SOLAS amendments effective January 1, 2024, will introduce additional operational requirements that may impact operational costs[84] - The cost of ballast water treatment systems ranges from $0.5 million to $1.09 million each, depending on vessel size[90] - The EU mandates that ships over 5,000 gross tonnage must monitor and report carbon dioxide emissions annually, which may lead to increased operational expenses[116] - The EU Emissions Trading System will require shipping companies to surrender allowances for greenhouse gas emissions, starting with 40% in 2024 and reaching 100% by 2026[120] - The International Maritime Organization aims to reduce greenhouse gas emissions from ships by at least 50% by 2050 compared to 2008 levels, with significant technological innovations needed[123] - Compliance with various international and U.S. regulations may require significant financial expenditures, although exact costs are currently unpredictable[127] - The EPA's Vessel Incidental Discharge Act requires compliance with new ballast water discharge regulations, potentially incurring substantial costs for vessel modifications[113] Liability and Insurance - The U.S. Coast Guard adjusted the limits of liability under the Oil Pollution Act (OPA) effective March 23, 2022, to the greater of $1,300 per gross ton or $1,076,000[101] - Under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), liability for vessels carrying hazardous substances is limited to the greater of $300 per gross ton or $5.0 million[103] - The company maintains pollution liability coverage insurance of $1 billion per incident for each vessel[110] - Compliance with U.S. and European Union regulations is critical, as noncompliance may lead to increased liability and operational restrictions[98] - The company is subject to various state regulations that may impose stricter liability for oil pollution incidents[109] - The U.S. Clean Water Act imposes strict liability for unauthorized discharges, with substantial penalties for violations[112] Operational Risks - The company is actively monitoring and adapting to changes in environmental regulations that could impact operational costs[108] - Increased regulatory scrutiny and inspection procedures could lead to higher operational costs and potential disruptions in business[161] - The company’s vessels are exposed to various international risks, including piracy and geopolitical tensions, which could adversely affect revenue and operational stability[163] - Increased tensions between the U.S. and China could disrupt shipping routes and adversely affect the company's operations and financial condition[165] - Damage to vessels may lead to unexpected drydocking costs, negatively impacting earnings and cash flows[166] - Operational risks associated with drybulk vessels could result in hull breaches and loss of vessels, affecting the company's reputation and financial health[167] - Acts of piracy in regions like the Gulf of Aden and Gulf of Guinea could hinder vessel operations and increase insurance costs[168] - The ongoing war in Ukraine has led to higher commodity prices and potential disruptions in trade volumes, impacting the drybulk market[171] - Compliance with safety regulations imposed by classification societies is essential; failure to maintain certification could render vessels unemployable[173] Financial Performance and Market Conditions - The company operates in a seasonal market, with expected weaker revenues during the fiscal quarters ending June 30 and September 30, and stronger revenues during December 31 and March 31[136] - A prolonged downturn in the drybulk charter market could negatively impact earnings, as evidenced by the volatility of the Baltic Dry Index over the past five years[146] - The company is significantly affected by economic conditions in the Asia Pacific region, particularly in China, which has been a major driver of demand for drybulk shipping[143] - Inflation has led to increased operational costs, including crew and maintenance expenses, which may not be fully offset by rising charter rates[154] - The COVID-19 pandemic has adversely impacted global trade patterns and industrial activity, particularly in key markets like China, potentially reducing demand for shipping services[157] - The company faces liquidity issues if conditions in the drybulk market worsen for a prolonged period, potentially leading to insufficient liquidity to fund operations[193] - The aging fleet and reliance on previously owned vessels may result in increased operating costs, adversely affecting earnings[198] - The company is subject to market risks related to changes in LIBOR rates, which could increase interest costs on floating rate debt[201] - Charterhire rates for vessels have sometimes declined below operating costs, exposing the company to spot market volatility[189] - Approximately 39% of revenues were derived from ten charterers, indicating a significant reliance on a limited customer base[197] Corporate Governance and Taxation - Genco satisfied the publicly traded test and qualified for the Section 883 exemption in 2022 and 2021, avoiding a 4% tax on U.S. source shipping income[221] - Genco's U.S. source shipping income is subject to a 21% federal corporate income tax if considered effectively connected income[222] - Genco does not intend to operate vessels on a regularly scheduled basis to avoid U.S. source shipping income being classified as effectively connected income[224] - If Genco's shipping income does not qualify for the Section 883 exemption, gains from vessel sales may be subject to U.S. tax[225] - Legislative changes, such as the OECD's minimum 15% tax rate agreement, could materially impact Genco's tax position[235] - Genco's corporate governance is governed by the Marshall Islands law, which may limit shareholder protections compared to U.S. corporations[238] - Future capital needs may require Genco to raise additional funds, potentially diluting existing shareholders' interests[240] Financial Instruments and Risk Management - The company has entered into bunker swap and forward fuel purchase agreements to mitigate the risk of changing fuel prices, although these do not qualify for hedge accounting treatment[419] - The majority of the company's transactions are denominated in U.S. Dollars, with foreign exchange risk associated with operating expenses in other currencies being immaterial[420] - The company held three interest rate cap agreements designated as cash flow hedges, with changes in their value deferred in AOCI[416] - During Q2 2022, a portion of one interest rate cap agreement was dedesignated as a cash flow hedge, affecting interest expense[417] - The company manages interest costs and risks associated with changing interest rates through derivative financial instruments such as swaps and caps[415] - The company aims to manage the impact of interest rate changes on earnings and cash flow related to borrowings[410] - As of December 31, 2022, the total notional amount of interest rate cap agreements held by the company is $200.0 million[415] - The total asset associated with the interest rate caps is $6.7 million, with $6.3 million classified as a current asset[411] - A 1% increase in LIBOR would have resulted in an increase of $2.0 million in interest expense for the year ended December 31, 2022[412] - The company has accumulated other comprehensive income (AOCI) of $6.5 million related to the interest rate cap agreements, with $6.1 million expected to be reclassified into income over the next 12 months[411] Dependence on Joint Ventures and Technology - The company depends significantly on the GSSM joint venture for technical management, and any failure could adversely affect operations[203] - Genco's reliance on information technology systems exposes it to risks from cybersecurity breaches and operational disruptions[250]

GENCO SHIPPING & TRADING LIMITED Q3 2022 Earnings Presentation November 10th, 2022 Forward Looking Statements With PR safe "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 This presentation contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as "anticipate," "budget," "estimate," "expect," "project," "intend," "plan," "believe," and other words ...

Genco Shipping & Trading Limited (NYSE:GNK) Q3 2022 Earnings Conference Call November 10, 2022 8:30 AM ET Company Participants Peter Allen - Investor Relations John Wobensmith - Chief Executive Officer Apostolos Zafolias - Chief Financial Officer Conference Call Participants Omar Nokta - Jefferies Greg Lewis - BTIG Liam Burke - B. Riley Operator Good morning, ladies and gentlemen and welcome to the Genco Shipping & Trading Limited Third Quarter 2022 Earnings Conference Call and Presentation. Before we begin ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ⌧ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | Title of each class | Trading Symbol(s) | Name of exchange on which registered | | --- | --- | --- | | Common stock, par value $0.01 per share ...

Financial Data and Key Metrics Changes - Genco Shipping reported a net income of $47.4 million for Q2 2022, translating to $1.12 basic and $1.10 diluted earnings per share, with EBITDA of $64.2 million compared to $50.2 million in the same period last year [19] - The company declared a dividend of $0.50 per share for Q2 2022, representing an annualized yield of 10% based on the current share price, and anticipates a substantial increase in the third quarter dividend [9][18] - The time charter equivalent (TCE) rate for the quarter was $28,756 per day, a 36% increase from the same period in 2021, with expectations of a firm TCE in Q3 at approximately $25,059 per day for 79% of available days booked [14][19] Business Line Data and Key Metrics Changes - The company maintained a focus on rewarding shareholders through dividends while continuing to deleverage, with a cumulative debt paydown of $261 million or 58% since the beginning of 2021 [12][18] - Genco's balance sheet strength and low breakeven levels are highlighted as core differentiators compared to publicly traded peers, with a net loan to value of 12% and a goal to reduce net debt to zero [11][21] Market Data and Key Metrics Changes - The Baltic Capesize Index rose from approximately $11,000 per day at the end of April to nearly $40,000 per day one month later, indicating significant upside potential in freight rates [29] - Production guidance from Brazilian iron ore miner Vale suggests an increase in shipments ranging from 26% to 33% in the second half of the year compared to the first half, supported by China's economic stimulus measures [30] Company Strategy and Development Direction - Genco's strategy focuses on paying meaningful and sustainable dividends, deleveraging, and capitalizing on growth opportunities, with a commitment to reducing leverage and breakeven rates [9][12] - The company aims to maintain a strong financial position to take advantage of attractive growth opportunities as markets develop, with a focus on improving financial standing over time [13] Management's Comments on Operating Environment and Future Outlook - Management expressed a constructive outlook for the drybulk market, citing historically low order book levels as a factor that could lead to improved fleet utilization and freight rates [15][34] - The company anticipates a stronger fourth quarter compared to previous years, driven by expected increases in iron ore shipments and the effects of Chinese stimulus measures [40][41] Other Important Information - Genco has completed the transition to a new technical management joint venture, which has resulted in higher vessel operating expenses in Q2 but is expected to normalize in the second half of the year [25][26] - The company incurred one-time expenses of $9.3 million for ballast water treatment systems and energy-saving devices, which are expected to enhance shareholder returns over the long term [23] Q&A Session Summary Question: Demand side of the iron ore equation for the second half of the year - Management noted that while COVID lockdowns affected steel production and iron ore imports, they expect a more than 20% gain in shipments from Brazil in the second half of the year [39] Question: Budgeted daily vessel operating expenses - Management confirmed that higher expenses in Q2 were due to crew costs and higher repair and maintenance expenses, but they expect significantly lower expenses in the second half [42][43] Question: Dividend outlook for Q3 - Management indicated that they expect a higher dividend in Q3 compared to Q2, supported by fixed rates and lower operating expenses [48] Question: Stock buybacks and valuation concerns - Management expressed frustration with the current stock valuation but emphasized the importance of maintaining the dividend strategy over initiating buybacks at this time [55][58] Question: North American grain trade outlook - Management is optimistic about the North American grain trade, expecting benefits from increased ton miles and a strong season, despite disruptions in the Black Sea region [62]

GENCO SHIPPING & TRADING LIMITED Q2 2022 Earnings Presentation August 4th, 2022 Forward Looking Statements "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 This presentation contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as "anticipate," "budget," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of si ...